The global document capture software market is estimated to secure US$ 17.1 Billion while recording a CAGR of 8.5% during the forecast period from 2022-2032.
The global document capture software market is estimated to secure US$ 17.1 Billion while recording a CAGR of 8.5% during the forecast period from 2022-2032. The market is valued at US$ 6.9 Billion in 2021 and is expected to garner US$ 7.6 Billion in 2022. Growth can be attributed to the rising penetration of IoT and rising adoption of cloud computing technology. Rising demand for SaaS-based document capture software is expected to fuel the market in the coming time.
SaaS-based services offer a model which facilitates pay-per-use, which boosts the demand for the same, thereby, benefitting the industry in the forecast period. In addition, growing awareness about risks associated with legal liability with compliance needed in IT, transportation sector, and FMCG sector is another factor propelling the industry growth. Document capture solutions are gaining significant traction to cater to the routine document imaging needs for sectors like healthcare, finance, education, insurance, and transportation.
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On the contrary, growing issues associated with professional expertise, scalability, and automation are likely to hamper the market growth. However, increasing adoption of cloud computing technology in companies is anticipated to counter impeding factors and boost the market significantly.
Key Takeaways from the Market Study
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Competition Analysis
Key players in the global document capture software market include Adobe Systems Software Ltd., ABBYY Software, Artsyl Technologies Inc, Canon Inc., and IBM Corporation, among others. Players in the market take various initiatives to expand their reach in the global market. Some of the methods comprise partnership, mergers and acquisitions, and others. Recent key developments among players are:
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Future Market Insights, in its new offering, presents an unbiased analysis of the global document capture software market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
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Key Segments Covered In The Document Capture Software Market Report
Document Capture Software by Deployment:
Document Capture Software by Organization Size:
Document Capture Software by Solution:
Document Capture Software by Industry:
Document Capture Software by Region:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jan 25, 2023